Sales to non-EU citizens account for a third of total sales.
During August, a third of all property sales in Cyprus (according to data estimating the number of contracts concluded at the offices of the Registry Office) were made by non-EU citizens, according to official statistics published by the Department of Land Tenure and Surveying.
Analysis of market segments
Real estate sales to non-EU citizens
Sales to non-EU nationals rose by 34% compared to August 2022 and accounted for 30% of the total number of sales for the month. Although sales in Limassol were down 15%, they increased in the other four districts. Paphos has the highest number of sales, followed by Larnaca, Limassol, Famagusta and Nicosia.
Foreign transactions (non-EU citizens) - comparison 2022/2023''years.
The number of sales to non-EU nationals in the first eight months of 2023 totaled 3,385, an increase of 76% from the 1,921 sales made in the same period last year.
Real estate sales to citizens of ES
Property sales to EU citizens continue to decline and are down 16% compared to August 2022, with sales down in all areas except Larnaca and Nicosia, where they increased by 35% and 22% respectively. Paphos has the highest number of sales, followed by Limassol, Larnaca, Famagusta and Nicosia.
Foreign transactions (EU citizens) - 2022/2023 comparison.
Property sales to EU citizens in the first eight months of 2023 totaled 1,300, a decrease of 22% on''compared to 1,657 sales in the first eight months of 2022.
Total real estate sales in the foreign market
Sales to foreigners (both EU citizens and non-EU citizens) increased by 34% compared to August 2022, despite a 16% drop in sales to EU citizens.
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Foreign transactions (EU citizens) - 2022/2023 comparison.
Sales of overseas properties in the first eight months of 2023 totaled 4,685, an increase of 31% compared to 3,578 sales in the same period last year.
Domestic Real Estate Sales''market
Domestic property sales in August were up 19% year-on-year in August 2022, but Limassol saw a 4% decline. Despite the decline, Limassol had the highest number of sales, followed by Nicosia, Larnaca, Paphos and Famagusta.
Domestic transactions - 2022/2023 comparison.
Domestic sales for the first eight months of 2023 totaled 5,498, an increase of 13% compared to 4,875 sales in the same period last year.
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